Funding Round Details
Mylapay has raised $1 million as part of an ongoing funding round, ahead of its planned Series A raise. The round saw continued participation from existing investors CDM Capital and Credit Saison, along with new backing from GrowthCap Ventures, led by Pratekk Agarwaal, and a group of strategic angel investors.
Capital Positioning Before Series A
Prior to the current round, Mylapay had raised $550,000 in seed funding. With the latest infusion, the Chennai-based startup said it is preparing to scale adoption of its acquiring platform and move closer to a full Series A fundraise later this year.
Use of Proceeds
The company said the funds will be used to strengthen its core payment infrastructure, expand its product stack and deepen integrations with banks and payment aggregators. Part of the capital will also support international expansion plans across markets in the Middle East, Africa and the United States.
Company Background and Technology
Founded by Mohanraj Ravi, Mylapay builds backend payment processing infrastructure for financial institutions and payment companies. Its systems cover key functions such as 3D Secure authorisation, transaction switching, clearing and settlement, and reconciliation. The platform is certified by major card networks including Visa, Mastercard and RuPay.
Unified Acquiring Platform
Recently, Mylapay launched a unified acquiring platform that enables banks and payment institutions to manage both card and UPI acquiring through a single integration. The platform is designed to handle more than 5,000 transactions per second and follows a modular, compliance-led architecture aimed at regulated financial players.
Sector Context
The fundraise comes as banks and payment companies increasingly look to modernise legacy payment infrastructure, driven by higher transaction volumes, regulatory requirements and the need for scalable, real-time processing systems.
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